Can I cancel my car insurance anytime?
SimplyFinance Answers is a great place to start your research, but it is not a substitute for personalised, professional
advice. Please review our Terms of Use or Sign Up to ask a question or comment on an existing question. If you would
like to speak to an expert directly, use our Adviser Search to find an adviser in your area and contact them directly through SimplyFinance.
Depending on how much I can save, I may want to cancel my car insurance with Tesco. I know there may be cancellation fees. Is there anything I can do to minimise the switching costs?
poshjosh
1 year ago
Expert Financial Adviser Answer
Paul Ross DipPFS CII(MP&ER)
answered 1 year ago
Yes, you can. But as mentioned, by yourself, there are cancellation fees, which can be quiote hefty. To my knowledge, there is nothing to help to minimise switching costs
report abuse
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
what you might need to consider even more is the loss of that year of no claims bonus (unless if you already have the maximum) as you might be better off sticking where you are as 1 extra year of no claims can often make a bigger difference than switching mid term - this is one good thing you can confirm yourself from the comparison sites as you can tweak your details.
its also worth noting that all insurance has a cooling off period so if you are within the first 14 days of cover - some allow 30, that you can freely cancel with a full refund - no costs deducted as long as you havent made a claim during this time.
but do be careful to check your new policy, lots of "cheaper" policies are cheaper because the benefits are stripped out.
sometimes you can actually get a better price by purchasing fully comprehensive cover as opposed to third party/fire/theft - why? wel;, comprehensive drivers tend to be more careful drivers and usually in a more responsible life stage (perhaps with children, or driving a nicer car).
sometimes it can improve the cost for a young male driver to add his female partner to a policy as people in relationships are considered a better risk than singles!
but as insurers can pick their own rules (within reason) you need to be so careful when deciding where to place your cover.
report abuse
its also worth noting that all insurance has a cooling off period so if you are within the first 14 days of cover - some allow 30, that you can freely cancel with a full refund - no costs deducted as long as you havent made a claim during this time.
but do be careful to check your new policy, lots of "cheaper" policies are cheaper because the benefits are stripped out.
sometimes you can actually get a better price by purchasing fully comprehensive cover as opposed to third party/fire/theft - why? wel;, comprehensive drivers tend to be more careful drivers and usually in a more responsible life stage (perhaps with children, or driving a nicer car).
sometimes it can improve the cost for a young male driver to add his female partner to a policy as people in relationships are considered a better risk than singles!
but as insurers can pick their own rules (within reason) you need to be so careful when deciding where to place your cover.
